Financing Study Abroad

In this section, you will learn how to help cover the costs of study abroad in the United States. It is important to take into account all program costs to ensure you have enough funds for a healthy and safe experience in the United States.

In most cases, you will be required to prove to a university, to a consular officer, and to the Bureau of Citizenship and Immigration Services within the U.S. Department of Homeland Security (formerly the Immigration and Naturalization Service) that you have sufficient funds to cover your living expenses while in the United States.

You can get an idea about how much money you will need by looking at catalogs or application information provided by the university you wish to attend. Keep in mind that tuition is generally more expensive at private universities. The first step is to find out whether your university is a private or public.

The cost of living in the United States also varies by region. Living in large cities like Los Angeles, New York or San Francisco can be more expensive than living in smaller towns or rural areas.

If you receive government funding, loans, fellowships, or scholarships, study abroad in the United States may be partially or fully covered by the terms of your financial aid package. If the study abroad program you have chosen is directly associated with your home campus, you may have a better chance of having your financial aid money cover your program costs in the United States. However, you can't assume that financial aid will apply; even if it does, there may be limits as to what it covers. Inquire about the terms of your financial aid package at your school's financial aid office. You may also be eligible for a student loan, or an additional loan. Before asking for a bank loan, ask a financial aid adviser on your campus. With advance planning, you may be able to obtain scholarship or loan money from your home university in your home country. There are many academic awards and fellowships available for students with an interest in study abroad or other international experiences. To find scholarship and fellowship opportunities, visit your school's financial aid office, search on-line, or consider purchasing one of the many books available on the subject. Many academic departments also offer student research grants for research study completed abroad; most often, the fields of anthropology, geology, and medicine offer research grants.

Many U.S. colleges and universities offer some financial aid for international students, but funds are very limited. If you would like to be considered for aid, you should request a financial aid application when you request an application form from a U.S. institution's admissions office. It would be wise to find out if there is a formal exchange between your home institution and the institution you wish to attend in the United States. This kind of person-for-person exchange can reduce expenses in some instances. If you are considering graduate studies, you may qualify for a teaching or research job. Individual departments at universities generally control assistantships.

Every year, millions of dollars in scholarships for international students go unused. It is very likely that there is a scholarship that you can qualify for. Use the following scholarships database. Once you find an award that you qualify for, you should contact an agency for more information using the contact information listed in the database.

Even though it may be hard to participate in a full load of classes and a job, working is a great way to raise money for study abroad. Although working on-campus doesn't usually get you the highest salary possible, campus jobs do help your cash flow. But keep in mind that you cannot count on working in the United States unless you have been granted a teaching or research assistantship. Immigration regulations are very strict with respect to working while carrying a student visa.

Some students create an entire, detailed budget and financial plan for their time in the United States only to discover that exchange rates change and economies can be unstable. When exchange rates were good, you could afford to study in the United States; now that exchange rates are not as good, you may not be able to afford it.

A solid budget/financial plan worked out months before leaving for the United States just may not work at the time of departure. From the time you first created your budget/financial plan for the United States, exchange rates changed and now your planning has been changed. To avoid this, consider making your personal budget/financial plan flexible. Include a high and low total spending amount to account for any possible changes in currency value. Also, frequently check exchange rates to better predict any big fluctuations.

Please see "Exchange Rates" in the Resources section of this handbook for links to currency converters.

For some students studying in the United States, having enough money is not a worry; they do not need to change their lifestyle to fit a budget. For others, studying in the United States may involve more financial planning and changes in lifestyle.

If you don't already budget your money at home, you might want to start doing so when you come to the United States. Budgeting your money doesn't have to be boring or difficult. You can think of easy ways to help yourself remember how much you are spending. Often, foreign currency can seem like “fake” money. It can be difficult to know how much you're spending. This is especially true if you get in the habit of using your credit card for most purchases. A helpful way to convert foreign currency into U.S. dollars is to carry a small pocket calculator with you.

Another way to keep track of your spending is to give your purchases a work value. For instance, you could say to yourself: "I will have to work so many hours in order to make enough money to be able to buy this shirt." This way, you begin to see your purchases not only in terms of money, but in terms of the time it will take you at work to earn the money to buy them.

Below is a sample budget planning sheet you can print out, fill in, and take with you to help you better keep track of your spending in the United States.